Egyptian billionaire, Nassef Sawiris gains $919 million to his net worth in the first 7 months of 2023

Nassef Sawiris, Egypt’s richest man, has experienced a boost in his net worth, gaining an impressive $919 million in 213 days(7 months) into 2023, as reported by Bloomberg rankings.

One of the top African billionaires, 62-year-old Nassef Sawiris holds a substantial 39% stake in OCI, a prominent fertilizer producer based in Geleen, Netherlands.

OCI was created through a demerger from the Sawiris family’s original business, Orascom Construction.

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How Nassef’s net worth surged

Notably, OCI achieved a commendable revenue of $6.3 billion in 2021.

Apart from his OCI holdings, Nassef Sawiris also boasts a 7% stake in the renowned sportswear giant, Adidas, as well as investments in Arkema SA, a distinguished French producer of specialty materials.

Thanks to the appreciating value of his Adidas stake and other strategic assets, Nassef’s net worth has surged by an impressive 13% year-to-date, reaching an estimated $7.95 billion according to the latest data tracked by Nairametrics. The remarkable success of Adidas has also contributed to Nassef’s fortune.

The German sportswear brand recently made headlines by generating over $565 million through the sale of 4 million pairs of unsold Yeezy shoes.

This surpassed even the company’s most optimistic forecasts, as reported by the Financial Times.

The impressive sales of the initial batch have effectively shielded the German sportswear giant from potential significant write-downs on its remaining stock.

Worth noting is the fact that Adidas had previously cut ties with the rapper formerly known as Kanye West in October, following a series of controversial comments made on social media and during interviews.

Nassef Sawiris background

Nassef Sawiris holds a prominent position in the business world, serving as the Executive Chair of OCI Global.

His journey with the Orascom Group began in 1982, and he later became the Chief Executive Officer (CEO) of OCI’s predecessor, Orascom Construction Industries.

In addition to his roles at OCI and Adidas, Nassef Sawiris also holds the Executive Chair position at Aston Villa FC.

Furthermore, he is a supervisory director at Adidas AG, a member of the J.P. Morgan International Council, and has been an esteemed member of the Cleveland Clinic’s International Leadership Board Executive Committee since 2011.

Notably, in 2013, he joined the Board of Trustees at the prestigious University of Chicago.

Nassef Sawiris has proven to be a dynamic and successful entrepreneur, with his expertise spanning various major industries.

He graduated with a degree in Economics from the University of Chicago, USA, and his leadership has been instrumental in driving his companies to remarkable heights.

Additionally, it’s worth mentioning that the Sawiris family made headlines back in January 2013 when a consortium of investors, led by Microsoft co-founder Bill Gates, invested a substantial $1 billion in Orascom Construction Industries.

This strategic move facilitated the company’s transfer of listing from the Cairo Stock Exchange to NYSE Euronext Amsterdam.

Subsequently, OCI underwent a further transformation, spinning off its construction business into a separate company, which was then dual-listed on the Dubai and Cairo stock exchanges.

These strategic decisions exemplify the family’s vision for future sector consolidation, risk mitigation, and improved borrowing costs. Nassef Sawiris is the youngest son of an influential Egyptian family.

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